FTX’s next distribution slated for May 30

Defunct Crypto Exchange FTX will start its next distribution on May 30, after the initial reimbursement that started this week.

The FTX succession will continue to reimburse the creditor by mid-2010, with more payments scheduled for May 30, according to the official bankruptcy of the company updates.

This distribution, the second of its kind, will focus on larger complaints and unique reimbursements exceeding $ 50,000. Although the exact amount to be published is unknown, creditors will likely receive billions in cash and crypto recovered.

Sunil Kavara, who represents the largest group of FTX creditors, also underlined on April 11 as another key date. Customers with complaints worth $ 50,000 or less who have not yet received payments will be settled on this date. In addition, customers with complaints worth more than $ 50,000 must choose Kraken or Bitgo as a distribution agent by April 11.

This week, the FTX began the first phase of its process of bankruptcy complaints approved by the court aimed at making creditors whole. The former crypto titan affected $ 1.2 billion for this first tranche, although only $ 800 million will likely reach creditors.

Creditors of the collaborated cryptocurrency exchange expect around $ 13 billion in restitution. However, the bankruptcy administrators of the CEO John J. Ray III intend to maintain up to $ 7 billion in reserve for disputed complaints.